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IMF reportedly increasing loan to Egypt to US$8 billion: TV host

Egyptian TV host Lamis al-Hadidi said on Tuesday during her show “Last Word” (Kalema Akhera) that there is upcoming news regarding the approaching agreement between Egypt and the International Monetary Fund (IMF) that will reportedly see the IMF increase its funding to Egypt.

The IMF’s financing program will increase from three billion dollars to up to seven or eight billion, in addition to other financing.

Hadidi noted that the fund agreement, additional financing and new deals are expected to enable the Central Bank of Egypt to take urgent action on the US dollar exchange rate.

“No one knows when the exchange rate will be lowered, and the central bank needs $15 billion to pump into the market,” she explained.

The economic solution comes with an an expiration date, she noted, saying: “The economic solution we have today is not the same as tomorrow, and the longer the solution is delayed, the gap will increase.”

“The delay in economic solutions increases anxiety and a state of mistrust. We have a 10-pound increase in the exchange rate without any justification. The only thing that is behind this is lack of transparency,” Hadidi said.

“Suggesting security solutions only brings more terror to the markets, and the economy is not a military secret that the government will hide. This is people’s livelihood. People need to know and understand.”

“All the market needs to know is what you are doing, what is your target, and when? As the US Federal Reserve does, for example,” Hadidi said.

Hadidi continued: “The economy is managed by information and disclosure, not Santa Claus’ surprises on New Year, and the turmoil in the markets will not subside overnight after the devaluation of the pound.”

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